A tax increment incentive worth up to $2.5 million for the $47 million San Antonio Light and print buildings project received final approval from the City Council last Thursday.
The project by San Antonio developer GrayStreet Partners guts and partial demolishes the two buildings, and resuscitates the shells into 137,940 square feet of office space, 2,500 square feet of retail space, and some underground parking. A multistory addition will connect the two buildings.
The only tenant announced so far is architecture firm Ford, Powell & Carson, which is moving from its location at St. Paul Square to the first floor (12,500 square feet) of the circa-1931 Light building.
The incentive, worth up to $2.5 million, is from the Midtown Tax Increment Reinvestment Zone, one of several areas citywide where revenue taken from the increase in property taxes is reinvested into public infrastructure upgrades within the zone.
The award will reimburse developer GrayStreet Partners for work related to sidewalks and landscaping, facades, and stormwater runoff management, among others.
The project also is receiving an Inner City Reinvestment Infill Policy city fee waiver worth $75,000.
The project is composed of three phases; the third phase is tentatively scheduled for completion on Dec. 31, 2019.